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GOVERMENT REVENUE AND EXPENDITURE (Examples of government current…
GOVERMENT REVENUE AND EXPENDITURE
A national budget is the budget of a country.
Current revenue- day-to-day basis
Capital revenue- once-off
Major sources of government current revenue
Income tax
USC
PRSI
Property Tax
Corporation Tax
VAT
Major sources of government capital revenue
Sale of State-owned companies
Borrowings
EU Grants
Government revenue refers to all money received by the goverment
Government expenditure refers to all the money spent by the government
Current expenditure-day-to-day
Capital expenditure- once-off
Examples of government current expenditure
Social Protection
Healthcare
Education
Justice
Agriculture
Examples of government capital expenditure
Building of new public transport such as rail networks, buying new buses
Building of new hospitals
Solutions to budget deficits
Reduce planned expenditure
Borrow money
Increase planned revenue
Budget deficit is when planned revenue is less than planned expenditure
Budget surplus is when the revenue is greater than the planned expenditure